NSW has seen average median house prices change by 11.53% which means that West Wollongong, 2500 has done well for property investors by showing a capital gain of 20.04% over the last year
The five-year average increase in median property values for West Wollongong,2500 has given property investors a potential capital gain of 74.48% across each of those five years.
Sellers are offering property buyers an average discount of -4.54% to buyers in West Wollongong at the moment, which is less than average for the rest of NSW.
Renters in Suburb are facing rents around $6240 per annum or $520 every week.
At number 307th in the list of Australian suburbs ordered by increase in median house value over the last year, West Wollongong, 2500 is in the top 20% with a property value increase of 14.14% recorded in median house prices.
When looking at the potential capital gains offered to property investors over the last 3 years, West Wollongong comes in at number 414th in NSW.
LACK OF BUYER INTEREST may well be the reason that West Wollongong is offering property investors an average of -4.14. This rate of discount on properties puts Suburb at number 226th in terms of most discounted suburbs in NSW
In the last year 34 properties changed hands in West Wollongong, which puts it as the 345th most active market in NSW when comparing the number of sales per suburb.
West Wollongong, 2500’s gross rental yield is 3.71%
Information supplied by:June 2017
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Tucked away in the innermost western corner of Wollongong City, the suburb of West Wollongong is a perpetually popular dwelling.Full summary
Popularity keeps apartment demand strong
Median unit price: $455,000
Three-year growth: 46.77%
Rental yield: 4.00%
Tucked away in the innermost western corner of Wollongong City, the suburb of West Wollongong is a perpetually popular dwelling.
The suburb recorded nearly 23% growth in the past year, in line with a very strong positive growth trend over the past five years. Average annual growth in the unit market is at a high 8.26%, indicating that this suburb’s demand shows no signs of slowing down.
Buyers are drawn to West Wollongong’s excellent location in the city, as well as its proximity to many amenities. The University of Wollongong is just a stone’s throw away, and the suburb itself is the site of a well-stocked commercial strip.
Thus, it’s easy to see how vendors are able to sell apartments at just slightly under the listing price, with the average discount rate coming in at only 2.74%.
Original post: http://www.yourinvestmentpropertymag.com.au/top-suburbs/NSW-2500-west-wollongong.aspx